Industry Overview - China's zinc concentrate production has shown a decline overall, stabilizing around 3.5 million tons since 2020. In 2023, domestic zinc concentrate production reached 3.69 million tons, a year-on-year increase of 11%. However, in 2024, production is expected to decrease to 3.4688 million tons, a year-on-year decline of 6.12% [1][10] - The supply situation for zinc ore in 2024 is significantly below expectations due to adjustments in mining plans, declining ore grades, and weather conditions. Advances in exploration technology, such as deep exploration techniques, are expected to uncover more zinc resources, providing a resource base for increased zinc concentrate production [1][10] Industry Chain Definition and Classification - The zinc mining industry encompasses a complete system from resource exploration to end-product application. The upstream focuses on exploration and mining, the midstream is dedicated to smelting and processing, and the downstream involves the application and recycling of zinc products across various industries [3] Development History - The development of China's zinc mining industry has gone through three stages: initial establishment, rapid growth, and integration upgrade. Initially, the industry was weak and relied on imports, but it gradually achieved self-sufficiency. After the reform and opening up, the industry experienced rapid growth with significant improvements in mining and smelting technologies. In the 21st century, the industry began to integrate and upgrade, focusing on technological innovation and resource recycling [5][6] Current Development Status - China is one of the world's major zinc resource countries, with proven zinc reserves ranking among the top globally. As of 2023, China's zinc reserves reached 59.9271 million tons, with significant concentrations in regions such as Inner Mongolia, Yunnan, and Qinghai [8][12] Key Enterprises Analysis - The competitive landscape of China's zinc mining industry is diverse and intense. Key players include: - Chihong Zn & Ge Co., Ltd., which has a complete industry chain and leading technology in zinc mining and processing [14][16] - Zhongjin Lingnan Nonfemet Company, which has a strong resource reserve and comprehensive industry chain layout [14][16] - Luoping Zinc & Electricity Co., Ltd., focusing on high-quality zinc smelting and processing [14][16] - Zijin Mining Group, a global mining giant with advanced technology and a global business network [14][16] Future Development Trends - Intelligent mining and ore selection are becoming important trends in the zinc mining industry, utilizing advanced technologies such as big data and AI to optimize mining processes [20] - The development of green smelting technology is crucial for sustainable development, focusing on energy conservation and resource recycling [21][22] - Extending the industry chain and enhancing product added value are key directions for transformation and upgrading, allowing companies to diversify and improve profitability [23]

Group 1 - The core point of the news is that Shengda Resources experienced significant trading activity on May 6, with a total of 6 million shares traded at a price of 12.13 yuan, reflecting an 11.91% discount compared to the closing price of the day [2][3] - Over the past three months, Shengda Resources has recorded a total of 4 block trades, amounting to 79.205 million yuan [2] - The closing price of Shengda Resources on the reporting day was 13.77 yuan, which represents a 2.30% increase, with a trading volume of 216 million yuan and a net outflow of 16.8461 million yuan in main funds [2] Group 2 - The latest margin financing balance for Shengda Resources is 392 million yuan, which has increased by 44.2106 million yuan over the past five days, marking a 12.71% growth [3] - In the past five days, three institutions have rated Shengda Resources, with the highest target price set at 17.40 yuan by Zheshang Securities on April 29 [3] - The block trading details indicate that 450,000 shares were traded for 54.585 million yuan and 150,000 shares for 18.195 million yuan, both at a price of 12.13 yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the company Shengda Resources [1]. Core Views - The company's performance is driven by rising metal prices and the completion of technical upgrades, which are expected to enhance production capacity [1]. - In 2024, the company reported a revenue of 2.01 billion yuan, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders was 360 million yuan, an increase of 163.56% [4]. - The company is expected to see significant increases in silver and gold production in 2025 due to the completion of upgrades at its Jinshan Mining and the commencement of production at the Caiyuanzi Copper Gold Mine [5]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 350 million yuan, a year-on-year increase of 33.92%, and a net profit of 8.28 million yuan, compared to a loss of 8.78 million yuan in the same period last year [4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [4]. - The projected revenues for 2025, 2026, and 2027 are 3.02 billion yuan, 4.23 billion yuan, and 4.56 billion yuan, respectively, with corresponding growth rates of 50.10%, 39.97%, and 7.73% [6]. Production and Market Outlook - The company anticipates a significant increase in metal production, with silver output expected to rise to 177 tons in 2025 and 236 tons in 2026, representing year-on-year growth of 28.3% and 33.1% respectively [5]. - Gold production is projected to increase dramatically, reaching 707 kg in 2025 and 1,358 kg in 2026, reflecting a year-on-year growth of 461.0% and 92.1% [5]. - The completion of technical upgrades at Jinshan Mining is expected to enhance the company's production capabilities significantly [4][5]. Valuation Metrics - The report forecasts the company's net profit attributable to shareholders to be 625 million yuan in 2025, 983 million yuan in 2026, and 1.10 billion yuan in 2027, with corresponding EPS of 0.91, 1.30, and 1.45 [6]. - The projected P/E ratios for the same years are 15.53, 10.80, and 9.67, indicating a favorable valuation outlook [6].

Core Viewpoint - The company reported a decline in revenue for 2024 but a significant increase in net profit, indicating improved profitability despite lower sales volumes in certain metals [1][2]. Financial Performance - 2024 revenue was 2.01 billion, down 10.66% year-on-year, while net profit attributable to shareholders was 360 million, up 163.56% year-on-year [1]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares [1]. - In Q4 2024, net profit was 190 million, a 33.92% increase year-on-year, and a 63.52% increase quarter-on-quarter [1]. Production and Sales - Production volumes for lead, zinc, silver, and gold in 2024 were 13,400 tons, 24,400 tons, 139 tons, and 125 kg, respectively, with declines in silver and gold production due to ongoing technical upgrades at the Jingshan Mining [1]. - Sales volumes for the same metals were 12,600 tons, 23,300 tons, 132 tons, and 125 kg, with notable declines in silver and gold sales [1]. Market Conditions - Metal prices increased significantly in 2024, with lead, zinc, silver, and gold prices rising by 15%, 25%, 30%, and 24% respectively [2]. - The gross profit margins for lead concentrate, zinc concentrate, silver ingots, and gold were 67%, 66%, 51%, and 65%, reflecting year-on-year increases [2]. Strategic Investments - The company acquired the remaining 33% stake in Jingshan Mining for 614 million, bringing its total ownership to 100% [3]. - The company also plans to acquire the remaining 47% stake in Honglin Mining, which will increase its control over this asset [3]. Future Production Capacity - The construction of new mines is progressing, with Honglin Mining expected to start trial production in mid-2025, potentially producing 500 kg of gold in its first year [4]. - The company has increased its mineral resource reserves significantly, with Jingshan Mining reporting an increase of 182.09 million tons in ore resources and 608.67 tons in silver metal [4]. Growth Outlook - The company is positioned to enhance its gold and silver production significantly, with projections indicating substantial increases in output by 2025 and 2026 [5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 14.25 yuan [7]. Core Insights - The company reported a significant increase in profitability despite a decrease in revenue for 2024, with a net profit of 3.90 billion yuan, up 163.56% year-on-year [3]. - The mining operations have resumed normal production, leading to a substantial increase in profit margins due to rising commodity prices [2][4]. - The company is expected to see a steady growth in net profit from 5.49 billion yuan in 2025 to 12.93 billion yuan in 2027, reflecting a strong growth trajectory [5]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 20.13 billion yuan, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 3.90 billion yuan, an increase of 163.56% [3]. - The first quarter of 2025 saw an operating income of 3.53 billion yuan, a year-on-year increase of 33.92% [3]. - The average price of silver in 2024 was 28 USD/ounce, up 21.0% year-on-year, while the first quarter of 2025 saw an average price of 31.7 USD/ounce, up 39.1% [4]. Production and Cost Analysis - The company produced 138.6 tons of silver in 2024, a slight decrease of 4.48% year-on-year, primarily due to technical upgrades at the Jinshan Mining [4]. - The cost per ton for silver-lead concentrate was 9,569 yuan, reflecting a year-on-year increase of 34.2% [4]. - The gross profit margin for silver ingots was 51.45%, an increase of 3.48 percentage points year-on-year [4]. Future Outlook - The company is progressing well with new mining projects, including the Caiyuanzi gold mine, which is expected to commence production soon [5]. - Forecasts indicate that the company will achieve net profits of 5.49 billion yuan in 2025, 8.01 billion yuan in 2026, and 12.93 billion yuan in 2027, with corresponding PE ratios of 18, 12, and 8 [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.25 yuan [7]. Core Views - The company reported a significant increase in profitability despite a decrease in revenue for 2024, with a net profit of 3.90 billion yuan, up 163.56% year-on-year [3][4]. - The company is expected to see a steady increase in net profit from 2025 to 2027, with projections of 5.49 billion yuan, 8.01 billion yuan, and 12.93 billion yuan respectively [5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved an operating income of 20.13 billion yuan, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 3.90 billion yuan, an increase of 163.56% [3]. - The first quarter of 2025 saw an operating income of 3.53 billion yuan, a year-on-year increase of 33.92% [3]. Production and Pricing - The company produced 138.6 tons of silver in 2024, a slight decrease of 4.48% year-on-year, while the average price of silver rose by 21.0% to 28 USD per ounce [4]. - The average price of lead and zinc also increased by 10.3% and 9.8% respectively in 2024 [4]. Cost and Profitability - The cost per ton of silver-lead concentrate was 9,569 yuan, an increase of 34.2% year-on-year, while the gross profit margin for silver ingots was 51.45%, up 3.48 percentage points [4]. - The overall gross profit margin for the company in 2024 was 48.49%, an increase of 16.53 percentage points year-on-year [4]. Future Prospects - New mining projects are progressing well, with the Caizhongzi gold mine expected to commence production soon, and other projects are in various stages of development [5]. - The company forecasts a growth in operating income from 25.64 billion yuan in 2025 to 44.19 billion yuan in 2027, with corresponding net profit growth rates of 40.9%, 45.9%, and 61.3% [6][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 390 million yuan in 2024, a year-on-year increase of 164%. The non-recurring net profit was 260 million yuan, up 85.74% year-on-year, indicating strong overall growth in performance for 2024 [1][5] - The silver production remains stable with a slight decrease of 4.48% year-on-year, while the silver price has been favorable, contributing positively to the company's performance [2] - The company has seen a doubling of net profit from its main silver mine, Yindu, which reached 370 million yuan in 2024, compared to 160 million yuan in the previous year. The company expects significant profit release from the Jingshan mine in 2025 following a full acquisition [2][3] - The upcoming production of the Honglin Mining Caiyuanzi gold mine is anticipated to enhance the company's valuation, with trial production expected between July and September 2025 [3] - The company has ongoing projects such as Dongsheng and Deyun, which are expected to provide future production increases in silver and other metals [4] Financial Summary - The company is projected to achieve net profits of 600 million yuan, 901 million yuan, and 1,034 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 53.75%, 50.28%, and 14.69% [5][7] - Earnings per share (EPS) are expected to be 0.87 yuan, 1.31 yuan, and 1.50 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 16.18, 10.76, and 9.39 [5][7] - The target price for the company's stock is set at 17.4 yuan, based on a valuation of 20 times P/E, reflecting the company's strong position in the silver industry and potential growth in gold production [5]

证券代码：000603 证券简称：盛达资源 公告编号：2025-033 盛达金属资源股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 盛达金属资源股份有限公司（以下简称"公司"）第十一届董事会第九次会 议审议通过了《关于召开 2024 年度股东大会的议案》，决定于 2025 年 5 月 20 日 召开公司 2024 年度股东大会。会议具体情况如下： 一、召开会议的基本情况 （一）股东大会届次：2024 年度股东大会 （二）股东大会的召集人：公司董事会 （三）会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 （四）会议召开日期、时间： 1、现场会议召开时间：2025 年 5 月 20 日 14:00 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 20 日 9:15—9:25，9:30—11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 ...

证券代码：000603 证券简称：盛达资源 公告编号：2025-031 本议案在公司董事会审议前，已经公司董事会审计委员会审议通过，并同意 提交公司董事会审议。 具体内容详见公司同日刊登在信息披露网站巨潮资讯网（www.cninfo.com.cn） 和信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》的《2025 年第一季度报告》（公告编号：2025-032）。 二、审议通过《关于召开 2024 年度股东大会的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 盛达金属资源股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日以通 讯表决方式召开了第十一届董事会第九次会议，本次会议通知于 2025 年 4 月 26 日以邮件等方式发出，并于 2025 年 4 月 27 日发出本次会议的书面补充通知。会 议应参加董事 9 名，实际参加董事 9 名。会议由董事长赵庆先生主持，本次会议 的召集、召开和表决程序符合法律法规、规范性文件及《盛达金属资源股份有限 公司章程》的有关规定。会议 ...

Revenue and Profitability - The company's revenue for Q1 2025 was CNY 352,578,078.37, representing a 33.92% increase compared to CNY 263,277,619.24 in the same period last year[5]. - The net profit attributable to shareholders was CNY 8,284,114.91, a significant turnaround from a loss of CNY 8,778,349.46 in the previous year, marking a 194.37% improvement[5]. - Total operating revenue for the current period reached ¥352,578,078.37, a significant increase of 33.9% compared to ¥263,277,619.24 in the previous period[19]. - Net profit for the current period was ¥11,118,905.33, a recovery from a net loss of ¥19,976,086.05 in the previous period[20]. - The company reported a basic and diluted earnings per share of ¥0.0120, compared to a loss per share of ¥0.0128 in the previous period[20]. Cash Flow and Operating Activities - The net cash flow from operating activities was negative at CNY -164,280,913.23, a decline of 1,350.58% compared to CNY -11,325,166.81 in the same period last year[5]. - Cash flow from operating activities increased to ¥475,633,330.37, compared to ¥384,682,271.43 in the previous period, indicating a growth of 23.7%[21]. - The net cash outflow from operating activities was -$164.28 million, compared to -$11.33 million in the previous period, indicating a significant decline in operational cash flow[22]. - The company reported cash payments related to operating activities totaling $639.91 million, compared to $396.01 million in the previous period, indicating increased operational expenditures[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,547,078,593.96, a decrease of 0.90% from CNY 6,606,750,498.27 at the end of the previous year[5]. - The total liabilities decreased slightly to ¥2,985,174,161.51 from ¥3,039,583,018.70, a decline of 1.8%[18]. - The company's long-term borrowings increased by 80.64% to CNY 450,231,504.00 from CNY 249,240,482.15 at the beginning of the year[9]. - The company's long-term borrowings increased to ¥450,231,504.00 from ¥249,240,482.15, a rise of 80.7%[18]. - The company’s total equity attributable to shareholders was CNY 3,034,768,929.17, a slight decrease of 0.28% from CNY 3,043,161,435.15 at the end of the previous year[5]. Research and Development - The company’s research and development expenses decreased by 37.31% to CNY 2,213,992.13 from CNY 3,531,617.25 in the previous year[9]. - Research and development expenses decreased to ¥2,213,992.13 from ¥3,531,617.25, a reduction of 37.4%[19]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,032, with the largest shareholder holding 29.30% of the shares[11]. Inventory and Other Assets - The company reported a significant increase in accounts receivable by 153.69% to CNY 45,520,596.60, primarily due to some sales not yet collected[9]. - The cash and cash equivalents decreased to CNY 653,613,857.07 from CNY 965,035,275.94, reflecting a decline of about 32.29%[16]. - The company's inventory increased to CNY 368,784,889.55 from CNY 334,046,502.63, marking an increase of approximately 10.39%[16]. - The company’s fixed assets decreased to CNY 1,964,317,959.75 from CNY 2,005,182,980.41, indicating a reduction of approximately 2.03%[16]. Future Outlook and Plans - The company aims to extend the service life of its mines through successful resource verification, which is crucial for long-term development[14]. - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24]. Audit and Reporting - The first quarter report was not audited, which may affect the reliability of the financial data presented[23].